LEGIT NG
Nigerian is expected to receive about $20 billion in total diaspora remittances in 2023.
The report was released by the World Bank which said that total diaspora remittances into Africa will rise by 1.9%
It said Nigeria will continue to dominate the continent in diaspora remittance, followed by Ghana
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The World Bank has stated that Diaspora remittances to Nigeria will exceed $20 billion by the end of 2023 as total remittances into sub-Saharan Africa rise by 1.9%.
The bank revealed this in its latest Migration and Development Brief released in December, saying that the global remittances flows would continue to rise in 2023 but at a slower rate.
The World Bank projects Nigeria as the highest diaspora remittance in Africa
The report said:
“Remittances to Nigeria, accounting for 38 percent of remittance flows to the region, grew by about two percent, while two other major recipients, Ghana and Kenya, posted estimated gains of 5.6 percent and 3.8 percent, respectively.”
The bank stated that fixed exchange rates and capital controls were diverting remittances to the region from official to unofficial channels.
It predicted that flows to Africa are projected to increase by 2.5%, stating that while remittance from the United States has remained stable, the euro has recovered as output remains at 2.2% below pre-pandemic forecasts.
